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Gap Auto Assurance

GAP PLUS Coverage Helps Protect "Upside Down" Car Buyers

After a home, a new car is the largest purchase many of us ever make. With such a big part of your financial worth riding on four wheels, a totaled or stolen vehicle may break not only your heart; it could break your budget, too. As many drivers have learned only after it's too late, a standard auto insurance policy might not provide all the financial protection you need. If the value of your car is less than the balance of your auto loan, you're "upside down" on your loan, and there's a gap that isn't covered. That difference is what a special type of protection, called gap coverage, is designed to cover.

Example of how GAP PLUS works;

  • Amount you owe on your auto loan - $20,000
  • Your car's book value at the time of loss - $15,000
  • Your insurance deductible - $500
  • Amount the insurance company pays you - $14,500
  • Amount you still owe on your loan after insurance - The gap coverage  - $5,500
  • PLUS – additional reduction on your replacement vehicle loan when financed at your credit union with 90 days of your loss - $1,000

Do you need GAP protection?

A car starts depreciating as soon as you buy it.  To get some idea of the anticipated depreciation amount and potential GAP risk, please contact TopMark FCU.

It pays to check with us before you buy elsewhere.

*Subject to certain exclusions and benefit limitations.  Please refer to your GAP Addendum or Certificate for all terms and conditions you will receive at closing.  Most types of vehicles are eligible, and you can generally include GAP PLUS coverage in your vehicle loan payment.


As a Thank You for purchasing GAP, you will receive:

Auto Deductible Reimbursement

Pays up to five hundred dollars ($500) per loss (UNLIMITED losses per year) when a Loss is filed and paid by the auto insurance company for a Covered Auto the Member owns or leases evidenced by the title or registration, AND insures under an Auto Insurance Policy designated the Member as the Named Insured for up to three years.

Plus….

Personal ID Restoration Consulting

With Personal ID Restoration Consulting, you now have the peace of mind of knowing that a professional is standing ready to help restore your good name if identity theft strikes.

Warranty Vault

Help protect your purchases….The Warranty Vault makes it quick and convenient!  The on-line storage & organizing service that helps you to take full advantage of your consumer product warranties while you are a member of the Auto Advantage Program.

This summary is a brief overview of the program and is not to be considered a full disclosure of policy terms.  Please refer to the Terms and Conditions for complete forms, conditions, limitations, definitions and exclusions.